Legal tip 854. Residency for property buyers
Monday, November 19, 2012 @ 1:59 PM
Secretary of Estate of Commerce, Jaime García-Legaz, has just announced that the Government is looking for changing Law in order to grant residency permit to foreigners buying a property in Spain valuing more than 160.000 €.
It seems the measure is mainly directed to Russians and Chineses.
The project has been active since last springtime. It is being worked by Secretaries of Employment, Development, Interior and Exterior affairs and the goal is to reduce the stock of unsold properties in Spain.
I would encourage them to also reconquer those UK buyers which were left with uncompleted houses and try to bring market prices to them.
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"Vejer de la Frontera (Cadiz) calles 002", Vejer, Cadiz, Southern Spain, by ferlomu, at flickr.com